Global banking rules won't stop next meltdown


































IT IS like storm-proofing a building with a paper towel. From 2015, the world's banks will be forced to keep a proportion of their assets in reserve, to prevent a repeat of the 2008 banking crisis. But economists say the rules will make little difference.












Serafín Martínez Jaramillo of the Mexican Central Bank endorses the move but says it doesn't allow for the fact that bad debts can spread through the economy and take down many banks at once. This was at the heart of the 2008 crisis. "You have to incorporate contagion."













Simone Giansante of the University of Bath, UK, has modelled the effects of such rules and found they barely reduce this risk (Social Science Research Network, doi.org/j59).












Many economists say what's needed is a system that can also identify threats ahead of time.


















































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Johor may review procedures for foreigners to buy houses






JOHOR BAHARU, Malaysia: Johor state will review procedures and conditions for foreigners to own houses due to spiralling house prices in the state, especially in Iskandar Malaysia.

Bernama news agency quoted Local Government, Housing, Arts, Culture and Heritage Committee chairman Ahmad Zahri Jamil as saying that the state Economic Planning Unit (UPEN) was studying ways to tighten the rules on foreign ownership.

He said this was to control spiralling house prices since locals are finding it difficult to buy houses.

"The price of property is determined by the market force. However, the prices also reflect on demand and supply or just because of extreme speculation. So, we have to conduct a detailed study," he told reporters at Kota Iskandar, Nusajaya, on Thursday.

Foreigners are currently allowed to purchase houses priced at a minimum of RM500,000, according to specific quota.

For example, for double-storey houses, only 30 per cent of the units are allocated for foreigners and the move was to attract foreign investment.

Foreigners may only be allowed to purchase houses above RM1 million.

Mr Ahmad Zahri said Singaporeans accounted for 90 per cent of foreigners who bought houses in Johor state, followed by Britain, United States and China.

- Bernama/de



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Latino should have played lead in 'Argo'




Ben Affleck plays the lead role of Tony Mendez in "Argo," which he also directed.




STORY HIGHLIGHTS


  • Oscar nominations on Thursday, and Ben Affleck expected to get one for "Argo"

  • Affleck plays real-life Latino who helped diplomats escape in Iran hostage crisis

  • Ruben Navarrette: Affleck should have used a Latino actor to play role

  • He says it cheats actor out of a job, and the Latino community out of a hero's story




San Diego, California (CNN) -- The upcoming Oscars are no stranger to causes or controversy. And this year, there is a strong dose of both surrounding the film "Argo" -- and its star and director, Ben Affleck.


This controversy bubbled up when the buzz started that Affleck could get an Academy Award nomination for best director when the announcements are made Thursday.


"Argo" tells how an ingenious and daring CIA agent helped orchestrate the rescue of six U.S. diplomats from Tehran during the Iran hostage crisis of 1979-1980. In November 1979, about 300 Islamic students stormed the U.S. Embassy and 66 Americans were taken hostage. But six U.S. diplomats escaped and were hidden at the Canadian Embassy by the Canadian ambassador and his wife.



Ruben Navarrette Jr.

Ruben Navarrette Jr.



The CIA agent -- Antonio "Tony" Mendez, played by Affleck -- successfully led the mission to evacuate the Americans, which involved Mendez and his associates posing as a Canadian film crew that was eager to make a movie in Iran.


The real Tony Mendez was awarded the Intelligence Star for Valor, and other honors, for leading the rescue. He later wrote a memoir, detailing the events in Tehran.








"Argo" is loosely based on Mendez's book. Better make that, very loosely based. As movie critics and others have pointed out since the movie opened a few months ago, the filmmakers took lots of dramatic license with the story. Mendez's role is played up, while that of the Canadians who helped hide and protect the Americans is played down. Some scenes depicted in the film never happened. Some characters are composites of several real people.


In other words, it's what you would expect from a Hollywood feature film based on a historical event. It's not a documentary. It's meant to be taken with a grain of salt, and to be entertaining.


Still, there are some Latinos -- in and out of Hollywood -- who think that, in this case, the filmmakers, and especially Affleck, pushed the concept of creativity too far. They say Affleck missed an opportunity to put more Latinos on screen. Moreover, they say, Affleck improperly claimed, for himself, the choice role of Mendez when he should have cast a Latino actor instead. They insist that the director didn't just cheat a Latino out of an acting job but the Latino community out of a feel-good story about one of their own who won acclaim for a heroic deed.


The critics are right, and their cause is just. Affleck should have tried to cast a Latino to play Mendez. That's common sense, and it would have made "Argo" a better movie. Affleck also didn't do himself any favors by trying to dismiss the criticism with a glib remark that essentially said that it really doesn't matter that the actor playing Mendez isn't Latino since Mendez himself isn't, shall we say, overtly Latino.


At a recent forum intended to publicize the film, Affleck responded to a question from the audience about the controversy by noting that "Tony does not have, I don't know what you would say, a Latin/Spanish accent" and that "You wouldn't necessarily select him out of a line of 10 people and go 'This guy's Latino.' "


Ouch. At least Affleck didn't slip and say "line up."


"So I didn't feel as though I was violating something," he said, "where, here's this guy who's clearly ethnic in some way and it's sort of being whitewashed by Ben Affleck the actor."


Johnny Depp set a better example. Several months ago, Depp turned down the role of Mexican revolutionary Francisco "Pancho" Villa in another film. He said that the role should go to a Latino. I praised Depp at the time for showing that, besides being a great actor, he is also a person of character.


The exclusion of Latinos from Hollywood is an old story. This is still a black and white world, where Latinos rarely get cast in the leading role. We're the gardeners and housekeepers, the gang leader and drug dealers, the nannies and farm workers. That's it. There has been some progress, of course. But not enough -- not when you have a Latina in the Supreme Court, three Latinos in the U.S. Senate, and Latinos heading Fortune 500 companies.


I could blame the environment of Southern California, in which most Hollywood writers, producers and directors live and spend most of their time. When they get up in the morning and drive to work, most Latinos they encounter are subservient. We clean their homes, cook their breakfast, trim their hedges, park their cars and otherwise help them get through the day.


Still, you can push this argument too far, and wind up going down a dangerous path -- one that ultimately sets back the greater cause of trying to get television networks and film studios to create a broader range of meatier roles for Latino actors and actresses.


After all, it's a short walk from saying that a director should have cast a Latino to play a Latino to arguing that only Latinos can play Latinos. And, if that's the argument, then on what moral high ground do Latinos stand to also push -- as we should -- for Latino actors and actresses to be considered for generic and mainstream roles that could have gone to white actors? We can't have it both ways.


Even if Latinos succeed in making their point about this one director and this one movie, it could backfire. We could win this battle, and still lose the war.


But before Latinos can be fully integrated into America and not considered outsiders, we have to take every opportunity to push for inclusion and fairness. And acknowledging that Latinos have the skills to play themselves is a good start.


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The opinions in this commentary are solely those of Ruben Navarrette.






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Flu season takes dangerous turn in Boston

(CBS News) The nationwide flu outbreak has taken a dangerous turn in Boston. Boston Mayor Thomas Menino has just declared a state of emergency in his city.

In recent weeks, 18 people across Massachusetts have died because of the flu.


National flu outbreak widens
Complete coverage: Health Center: Cold & Flu


At Massachusetts General, the hospital is restricting the number of visitors to some areas of the hospital, such as the OB-GYN floors to protect some of the hospital's most vulnerable patients, and asking hospital staff to wear masks throughout the day.

In the U.S., 41 states are currently seeing intense flu outbreaks, almost five weeks earlier than usual this year.

The harsh flu season has hit the Boston especially hard. The city has already seen some 700 cases of the flu since October 1, and four flu-related deaths. This, compared with only 70 cases at this time last year.

Dr. Barbara Ferrer, executive director of the Boston Public Health Commission, said, "In the last two weeks alone, we've doubled our number, so if we continue at this rate to see new cases, we'll have an explosion of flu in the city of Boston."

Dr. Paul Biddinger, emergency medical director at Massachusetts General Hospital, said, "It's very important to get the word out that the entire health care system is under strain."

The hospital is dealing with many of Boston's new cases. Biddinger says this has become the most significant surge in Boston flu in five years. "We've been seeing record-setting volume," he said. "We've seen 600 more patients in the month of December as compared to last year's December."



Flu victim Dora Oquendo says the illness hit her on Sunday. She said, "I can't even move. I'm so weak, tired, exhausted. I'm throwing up too from doing all the coughing."

Scientists recently discovered this year's vaccine is not protecting against a strain of the virus called Influenza B, but Biddinger says vaccination is still your best defense at preventing the flu. He said, "It is absolutely not too late to get your flu shot. I would strongly encourage anyone who has not gotten their flu shot yet to get their flu shot soon. It would be a great idea."

Boston's mayor has said free flu clinics will be offered all day Thursday.


For Michelle Miller's full report, watch the video in the player above.

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Photos: 21 Stars Who've Never Been Nominated for an Oscar

Though Bradley Cooper may be best known for summer blockbusters like "The Hangover" and "The A Team," he's a classically trained actor who's been vying for an Oscar for years. With his role in this year's "Silver Linings Playbook," the 38-year-old could finally get his first shot at Hollywood's most coveted gold trophy. Click through to see 20 more stars who have never been nominated for an Oscar. (Gregg DeGuire/WireImage/Getty Images)
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Cardboard cockroach ranks among world's fastest robots



Sara Reardon, reporter





Don't stomp on this little robot - not yet, anyway. VELOCIRoACH, a small cardboard hexapod modelled on a cockroach, can run at 2.7 metres per second, placing it among the fastest robots in the world.

Boston Dynamics' LS3, which can trot at up to 3.2 m/s, still holds the speed record for a self-powered robot. VELOCIRoACH ties for second with the company's six-legged RHex. But VELOCIRoACH is by far the fastest for its size: in 1 second, it can skitter 26 times the length of its body.





Duncan Haldane at the University of California, Berkeley, presented VELOCIRoACH this week at the Society for Integrative and Comparative Biology meeting in San Francisco. To maximise the robot's speed, Haldane and colleagues studied the anatomy of a cockroach, which can run at 1.5 m/s, and scaled its body plan up to a workable size.

The secret to VELOCIRoACH's speed is its thin, C-shaped legs. They mimic a roach's legs by acting as springs as they hit the ground 15 times per second. To stay stable as it runs, the robot has three legs on the ground at all times, forming tripods. Its approach to obstacles mimics a roach's as well - rather than trying to avoid them, it runs into them head first, then pops up onto its end and goes over the top.

Elsewhere at the meeting, Nick Kohut, who works with Haldane, presented a similar robot with an added tail. By swinging its tail to the side, TAYLRoACH, which looks more like a lizard than a roach, can make a 90-degree turn in less than a quarter of a second without slowing down from a run.

Haldane says he's now working to improve VELOCIRoACH's body plan so it can withstand an indoor insect's most deadly nemesis: the human foot. The robot can already carry four times its body weight, but Haldane plans to design its materials to pop back up after being flattened. But despite being faster and stronger than a real roach, Haldane says it's unlikely that the robot would outdo its namesake by surviving a nuclear blast.




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Football: Teenage defender Wisdom signs new Liverpool deal






LONDON: Liverpool defender Andre Wisdom has cemented his emergence as a member of the first-team squad by signing a new long-term contract, the Premier League club announced on Wednesday.

The 19-year-old made his debut in the Europa League earlier this season and an injury to left-back Jose Enrique has enabled him to make 14 appearances so far in the current campaign.

Liverpool did not reveal the length of the contract.

"It was an easy decision to make - as soon as they offered it to me, I grabbed the opportunity with both hands because it's a great club and I just want to continue to play for Liverpool," Wisdom said.

"I am happy with the progress I've made so far and hopefully I can progress more in the second half of the season and continue to keep playing."

In extending his commitment to the club, Wisdom joins Raheem Sterling, Suso, Luis Suarez, Martin Skrtel, Daniel Agger, Brad Jones and Jonjo Shelvey, who have all agreed new deals since the end of last season.

"It's another great example of a player committing to the club and what we're trying to achieve under (manager) Brendan (Rodgers)," managing director Ian Ayre told the Liverpool website.

"He's a great young player, shown a fantastic improvement, broken into the first team and made a huge contribution and, rightly so, we've provided him with a new contract and a long-term one."

- AFP/de



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Opinion: Time for tough talk with Karzai




The last time Presidents Obama and Karzai met was in May in Kabul, when they signed a pact regarding U.S. troop withdrawal.




STORY HIGHLIGHTS


  • Afghan President Karzai meeting with President Obama in Washington this week

  • Felbab-Brown: Afghan politics are corrupt; army not ready for 2014 troop pullout

  • She says Taliban, insurgents, splintered army, corrupt officials are all jockeying for power

  • U.S. needs to commit to helping Afghan security, she says, and insist corruption be wiped out




Editor's note: Vanda Felbab-Brown is a senior fellow in foreign policy at the Brookings Institution. Her latest book is "Aspiration and Ambivalence: Strategies and Realities of Counterinsurgency and State-Building in Afghanistan."


(CNN) -- Afghan President Hamid Karzai is meeting this week with President Obama in Washington amid increasing ambivalence in the United States about what to do about the war in Afghanistan.


Americans are tired of the war. Too much blood and treasure has been spent. The White House is grappling with troop numbers for 2013 and with the nature and scope of any U.S. mission after 2014. With the persisting corruption and poor governance of the Afghan government and Karzai's fear that the United States is preparing to abandon him, the relationship between Kabul and Washington has steadily deteriorated.


As the United States radically reduces its mission in Afghanistan, it will leave behind a stalled and perilous security situation and a likely severe economic downturn. Many Afghans expect a collapse into civil war, and few see their political system as legitimate.


Karzai and Obama face thorny issues such as the stalled negotiations with the Taliban. Recently, Kabul has persuaded Pakistan to release some Taliban prisoners to jump-start the negotiations, relegating the United States to the back seat. Much to the displeasure of the International Security Assistance Force, the Afghan government also plans to release several hundred Taliban-linked prisoners, although any real momentum in the negotiations is yet to take place.



Vanda Felbab-Brown

Vanda Felbab-Brown



Washington needs to be careful that negotiations are structured in a way that enhances Afghanistan's stability and is not merely a fig leaf for U.S. and NATO troop departure. Countering terrorism will be an important U.S. interest after 2014. The Taliban may have soured on al Qaeda, but fully breaking with the terror group is not in the Taliban's best interest. If negotiations give the insurgents de facto control of parts of the country, the Taliban will at best play it both ways: with the jihadists and with the United States.


Negotiations of a status-of-forces agreement after 2014 will also be on the table between Karzai and Obama. Immunity of U.S. soldiers from Afghan prosecution and control over detainees previously have been major sticking points, and any Afghan release of Taliban-linked prisoners will complicate that discussion.










Karzai has seemed determined to secure commitments from Washington to deliver military enablers until Afghan support forces have built up. The Afghan National Security Forces have improved but cannot function without international enablers -- in areas such as air support, medevac, intelligence and logistical assets and maintenance -- for several years to come. But Washington has signaled that it is contemplating very small troop levels after 2014, as low as 3,000. CNN reports that withdrawing all troops might even be considered.


Everyone is hedging their bets in light of the transition uncertainties and the real possibility of a major security meltdown after 2014. Afghan army commanders are leaking intelligence and weapons to insurgents; Afghan families are sending one son to join the army, one to the Taliban and one to the local warlord's militia.


Patronage networks pervade the Afghan forces, and a crucial question is whether they can avoid splintering along ethnic and patronage lines after 2014. If security forces do fall apart, the chances of Taliban control of large portions of the country and a civil war are much greater. Obama can use the summit to announce concrete measures -- such as providing enablers -- to demonstrate U.S. commitment to heading off a security meltdown. The United States and international security forces also need to strongly focus on countering the rifts within the Afghan army.


Assisting the Afghan army after 2014 is important. But even with better security, it is doubtful that Afghanistan can be stable without improvements in its government.


Afghanistan's political system is preoccupied with the 2014 elections. Corruption, serious crime, land theft and other usurpation of resources, nepotism, a lack of rule of law and exclusionary patronage networks afflict governance. Afghans crave accountability and justice and resent the current mafia-like rule. Whether the 2014 elections will usher in better leaders or trigger violent conflict is another huge question mark.


Emphasizing good governance, not sacrificing it to short-term military expediencies by embracing thuggish government officials, is as important as leaving Afghanistan in a measured and unrushed way -- one that doesn't jeopardize the fledgling institutional and security capacity that the country has managed to build up.


Karzai has been deaf and blind to the reality that reducing corruption, improving governance and allowing for a more pluralistic political system are essential for Afghanistan's stability. His visit provides an opportunity to deliver the message again -- and strongly.


Follow us on Twitter @CNNOpinion


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The opinions in this commentary are solely those of Vanda Felbab-Brown.






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National Cathedral to perform same-sex weddings

WASHINGTON The Washington National Cathedral, where the nation gathers to mourn tragedies and celebrate new presidents, will soon begin performing same-sex marriages.

Cathedral officials tell The Associated Press the church will be among the first Episcopal congregations to implement a new rite of marriage for gay, lesbian, bisexual and transgender members. The church will announce its new policy Wednesday.

As the nation's most prominent church, the decision carries huge symbolism. The 106-year-old cathedral has long been a spiritual center for the nation, hosting presidential inaugural services and funerals for Ronald Reagan and Gerald Ford. It draws hundreds of thousands of visitors.

In light of the legality of same-sex marriage in the District of Columbia and now Maryland, the Rt. Rev. Mariann Edgar Budde, the Episcopal bishop of Washington, decided in December to allow an expansion of the Christian marriage sacrament. The diocese covers the district and four counties in Maryland. The change is allowed under a "local option" granted by the church's General Convention, church leaders said. Each priest in the diocese can then decide whether to perform same-sex unions.

The Very Rev. Gary Hall, the cathedral's dean, said performing same-sex marriages is an opportunity to break down barriers and build a more inclusive community "that reflects the diversity of God's world."

"I read the Bible as seriously as fundamentalists do," Hall told the AP. "And my reading of the Bible leads me to want to do this because I think it's being faithful to the kind of community that Jesus would have us be."

Celebrating same-sex weddings is important beyond the Episcopal Church, Hall said. Church debate is largely settled on the matter, allowing for local decisions, he said. The move is also a chance to influence the nation.

"As a kind of tall-steeple, public church in the nation's capital, by saying we're going to bless same-sex marriages, conduct same-sex marriages, we are really trying to take the next step for marriage equality in the nation and in the culture," Hall said.

Hall is the 10th dean of the cathedral and has been an ordained minister for more than 35 years. He said he began performing same-sex blessings in 1990 when he served at All Saints Church in Pasadena, Calif.

It will likely be six months to a year before the first gay marriages are performed at the cathedral due to its busy schedule and its pre-marital counseling requirement. Generally, only couples affiliated with the cathedral will be eligible. Church leaders had not received any requests for weddings ahead of Wednesday's announcement.

While Hall does not expect any objections within the National Cathedral congregation, he said the change may draw criticism from outside. It may be divisive for some, just as it was to preach against segregation or to push for the ordination of women, Hall said.

The New York-based Episcopal Church is the U.S. body of the 77 million-member Anglican Communion. The House of Bishops voted last year, 111-41, to authorize a provisional rite for same-sex unions. Some congregations have left the church over its inclusion of gays and lesbians over the years.

Same-sex marriage is now legal in nine states and the District of Columbia. Legislators in Illinois and Rhode Island are set to take up bills to possibly join them, and the Supreme Court is scheduled to hear cases on gay marriage in March.

The first same-sex wedding performed last month at West Point's Cadet Chapel drew some protests from conservatives. The National Cathedral is even more visible.

Hall, the cathedral dean, said the church has a long history of taking stands on public issues. But he said he sees marriage as a human issue, not a political issue.

"For us to be able to say we embrace same-sex marriage as a tool for faithful people to live their lives as Christian people," he said, "for us to be able to say that at a moment when so many other barriers toward full equality and full inclusion for gay and lesbian people are falling, I think it is an important symbolic moment."

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Poisoned Lottery Winner's Wife Seeks 'Truth'













The wife of a $1 million Chicago lottery winner who died of cyanide poisoning told ABC News that she was shocked to learn the true cause of his death and is cooperating with an ongoing homicide investigation.


"I want the truth to come out in the investigation, the sooner the better," said Shabana Ansari, 32, the wife of Urooj Khan, 46. "Who could be that person who hurt him?


"It has been incredibly hard time," she added. "We went from being the happiest the day we got the check. It was the best sleep I've had. And then the next day, everything was gone."


Ansari, Khan's second wife, told the Chicago Sun-Times that she prepared what would be her husband's last meal the night before Khan died unexpectedly on July 20. It was a traditional beef-curry dinner attended by the married couple and their family, including Khan's 17-year-old daughter from a prior marriage, Jasmeen, and Ansari's father. Not feeling well, Khan retired early, Ansari told the paper, falling asleep in a chair, waking up in agony, then collapsing in the middle of the night. She called 911.


Khan, an immigrant from India who owned three dry-cleaning businesses in Chicago, won $1 million in a scratch-off Illinois Lottery game in June and said he planned to use the money to pay off his bills and mortgage, and make a contribution to St. Jude Children's Research Center.


"Him winning the lottery was just his luck," Ansari told ABC News. "He had already worked hard to be a millionaire before it."






Illinois Lottery/AP Photo











Chicago Lottery Winner Died From Cyanide Poisoning Watch Video









Lottery Murder Suspect Dee Dee Moore Found Guilty Watch Video









Lottery Winner Murder Trial: Opening Statements Begin Watch Video





Jimmy Goreel, who worked at the 7-Eleven store where Khan bought the winning ticket, described him to The Associated Press as a "regular customer ... very friendly, good sense of humor, working type of guy."


In Photos: Biggest Lotto Jackpot Winners


Khan's unexpected death the month after his lottery win raised the suspicions of the Cook County medical examiner. There were no signs of foul play or trauma so the death initially was attributed to arteriosclerotic cardiovascular disease, which covers heart attacks, stroke or ruptured aneurysms. The medical examiner based the conclusion on an external exam -- not an autopsy -- and toxicology reports that indicated no presence of drugs or carbon monoxide.


Khan was buried at Rosehill Cemetery in Chicago.


However, several days after a death certificate was issued, a family member requested that the medical examiner's office look further into Khan's death, Cook County Medical Examiner Stephen Cina said. The office did so by retesting fluid samples that had been taken from Khan's body, including tests for cyanide and strychnine.


When the final toxicology results came back in late November, they showed a lethal level of cyanide, which led to the homicide investigation, Cina said. His office planned to exhume Khan's body within the next two weeks as part of the investigation.


Melissa Stratton, a spokeswoman for the Chicago Police Department, confirmed it has been working closely with the medical examiner's office. The police have not said whether or not they believe Khan's lottery winnings played a part in the homicide.


Khan had elected to receive the lump sum payout of $425,000, but had not yet received it when he died, Ansari told the AP, adding that the winnings now are tied up as a probate matter.


"I am cooperating with the investigation," Ansari told ABC News. "I want the truth to come out."


Authorities also have not revealed the identity of the relative who suggested the deeper look into Khan's death. Ansari said it was not her, though she told the AP she has subsequently spoken with investigators.


"This is been a shock for me," she told ABC News. "This has been an utter shock for me, and my husband was such a goodhearted person who would do anything for anyone. Who would do something like this to him?


"We were married 12 years [and] he treated me like a princess," she said. "He showered his love on me and now it's gone."



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